Transmission Capital Partners, the consortium comprising International Public Partnerships, Amber Infrastructure and Transmission Investment, has achieved financial close for the Lincs offshore transmission project.
INPP has invested approximately £171m , which was funded from the company’s existing cash and debt resources, to acquire 100% of the equity and junior debt of the project, with the senior debt being provided by the European Investment Bank.
The project links the 270MW Lincs windfarm to the National Grid via 100km of subsea cables and other related infrastructure including substations.
TC Lincs OFTO Limited will be paid by a pre-agreed, availability-based revenue stream over 20 years which is fully linked to UK inflation with no exposure to wind farm performance. The maximum annual payment will be £24m .
Of the 13 projects tendered by Ofgem under the first two rounds of bids, ten offshore transmission projects have now reached financial close. Lincs is the fifth OFTO licence awarded to Transmission Capital Partners.
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